Keeping your money safe

Managing money and finances are vital tools whilst at University but it’s also important to know how to protect yourself (and your money) from online scams.

At the start of a new academic year, especially around payment dates, students can be the target of phishing and vishing scams. We want students to be aware of the tactics fraudsters use and how to stop them from getting their personal details.

We’ll never ask students to provide their personal or financial information via email, text message or WhatsApp. If a student receives a suspicious message, they should report it to SLC’s Financial Crime Prevention Unit immediately by emailing [email protected] or by calling 0300 100 0059.

Student Finances full guidance appears on GOV.UK with updated advice for 2024/25.

Money mules help criminals to move money through bank accounts in exchange for a fee. It is a type of money laundering and is becoming an increasingly common form of criminal activity targeted towards students.

How do mule scams work?

Students are targeted through job ads or direct messages on social media that suggest they can offer easy, legal and worry-free ways of make money.

Typically, you would be approached by someone online who claims to be struggling to pay cash into their own account. They then offer you 10% of the cut if they can put the money into your bank account and you transfer the money to them. If you did what they asked, you may have committed a crime.

Is being a money mule a crime?

Yes, being a money mule is a crime. Even if you didn’t know what you were doing, handling money that came from illegal activity is a crime.

If you’re caught acting as a money mule you would struggle to secure any form of loan in the future including a student loan. In addition to the financial insecurity that it would cause, you could end up with a criminal record or even a jail sentence.

How to protect yourself from money mules scams

Be cautious of job adverts that offer the chance to earn large sums of money for little effort.
Be cautious with any job offers from overseas.
Be suspicious of anyone contacting you online offering quick and easy money.
Never accept money into your bank account if you don’t know where it’s from.
Don’t share bank and personal details with anyone you don’t know or trust.
Do not engage with any social media posts offering money, ignore them and report them.

What should I do?

If you or someone you know has been approached, break off all contact, don’t receive or move any money, and ask for advice from someone you trust. Criminals operate in silence – by talking about it, you are protecting others.

Report it by calling local Police on 101 or 999 in an emergency.

Contact the HMRC FRAUD HOTLINE quoting ref: IFMM23 You do not have to give your name or contact details unless you want to.

Contact the independent charity CrimeStoppers with 100% anonymity online or by calling 0800 555 111. Please quote ref: IFMM23.

If you see it online, click the button to report it to social media companies to get it taken down.

If you think someone you know is already involved, go to NCA website for advice.

If criminals have already got your personal information report it to Action Fraud National Fraud & Cyber Crime Reporting Centre on 0300 123 2040.

Romance scams can happen to anyone with students being particularly vulnerable due to the large sums of money paid to them throughout the year. Students are typically targeted to align with when student loans are distributed.

How do romance scams work?

The criminals who carry out romance scams are experts at what they do and will seem genuine, caring, and believable. Romance scams happen when a criminal adopts a fake online identity to gain a victim’s affection and trust. The scammer then uses the illusion of a romantic or close relationship to manipulate and/or steal from the victim.

These con artists target victims on most dating and social media sites. Scammers can use details shared on social media and dating sites to better understand and target you.

Scam artists often say they are in the building and construction industry and are engaged in projects outside the U.S. That makes it easier to avoid meeting in person and more plausible when they ask for money for a medical emergency or unexpected legal fee.

If someone you meet online needs your bank account information to deposit money, they are most likely using your account to carry out other theft and fraud schemes.

How to protect yourself from romance scams

Never send money to anyone you have only communicated with online or by phone.
Be careful what you post and make public online.
Research the person’s photo and profile using online searches to see if the image, name, or details have been used before.
Go slowly and ask lots of questions, don’t be rushed into a quick relationship.
Beware if the individual seems too perfect.
Be wary if they quickly ask you to leave a dating service or social media site to communicate directly.
Beware if the individual attempts to isolate you from friends and family or requests inappropriate photos or financial information that could later be used to extort you.
Beware if the individual promises to meet in person but then always has an excuse why they can’t. If you haven’t met the person after a few months, you have good reason to be suspicious.

How to report it

If you think you have been a victim of a romance scam, do not feel ashamed or embarrassed – you are not alone. Contact your bank immediately and report it to Action Fraud on 0300 12 2040 or via their website.

If you are in Scotland, please report to Police Scotland directly by calling 101.

Every year many students suffer from financial or social harm due to gambling. It is easy to accumulate debt and students with gambling addiction often miss out on lectures and participating in university life to fund their lifestyle.

In a survey of 2,000 students, 80% said they gambled, with 35% of those who did admitting using their student loan, bank overdrafts, borrowing from friends or taking out payday loans.
The Guardian survey January 2022

GamCare

GamCare helps problem gamblers as well as their friends and families by working directly with problem gamblers, providing advice over the phone and online or through face-to-face counselling. GamCare also have an education and prevention team working to raise awareness and prevent problem gambling before it starts.

Best way for students to access GamCare

The best way for you to access the services is either through the freephone helpline or through the ‘Netline’ service which provides a live chat with an adviser. The Netline opens in a chat window which is totally private and secure. The adviser is a trained member of GamCare who will be able to give advice about gambling and may be able to help by putting you in touch with a local face-to-face counsellor.

Phone

0808 8020 133

Online

gamcare.org.uk

Netline

Text chat service

Gambling support for students

The Money Advice team offer virtual, telephone and Teams appointments, which can be booked 72 hours in advance. The team can offer guidance on all money-related matters including personal finances and advice regarding online gambling.

Email the team

[email protected]

Book an appointment with the Money Advice team

Find out more about gambling worries as a student

Phone scams targeting university students often happen to align with Student Finance payments or when assignments are due. They are designed to catch you at a vulnerable moment. Be wary of any phone calls or text messages where someone is purporting to be from your university, asking for immediate payments to be made.

Financial blackmail is the act of attempting to obtain money through intimidation. Financial blackmail can threaten to disclose personal or discreditable information. The pressure of the threat is then used as an attempt to influence the individual’s actions. One type of financial blackmail is sextortion.

How can you protect yourself from scams?

By taking steps to protect yourself, you can help reduce the chances of becoming a victim of a scam. To do this we recommend:

Stay cautious with message requests – Always make sure you know who you’re speaking to before replying. If the message includes a link, don’t click on it unless you know for sure what it is.

Be suspicious of ‘quick easy money’ – If it looks too good to be true, it probably is. This is especially important to remember if you are looking at job adverts or see an online social media post.

Research new opportunities – Just because a job advert is live, doesn’t mean it is legitimate. Look into the company before applying. Or stick to reputable companies.

Don’t share your bank details with people you don’t trust – Even if friends or family ask you to share details, you can still say no.

Remember you can always hang up a phone call – If you answer a call and something doesn’t feel right, just hang up. It’s safer to find a known contact number and call back.

Money Advice homepage

More advice

Student support fund

The Student Support Fund provides non-repayable discretionary awards and emergency support to assist students in financial difficulty, who might otherwise be at risk of leaving their courses because of financial hardship.

Money worries and household bills

If you are worrying about money, there are lots of ways that you can find help and support. On this page, we list some common areas that may cause money worries and where you can seek help.